This is my entry into Praful Thakkar 's January's Active Rain Challenge on my predictions for the year 2017.
My crystal ball has been foggy for a while but, here are my predictions for Towne Lake for 2017. It must be noted that 2016 was a very good year for Towne Lake as people from all over in all age brackets move here. Traffic was brisk and people were looking in serious just not ready to commit but wanted to wait for the new year.
I think that with oil prices up, the Houston economy will pick up this year as that does the confidence level in people's job stability will increase and therefore people will be more willing to commit to a mortgage. Even though the Fed has indicated that the rates are too increase this has spurred people to buy now versus waiting a year or two.
There is still uncertainity in this new adminstration,so things can go either way; though the “experts” feel that the new administration will be good for the economy. I hope the experts are correct, because a good economy will spur real estate activity.
The millenials are beginiing to make the migration to the suburbs, they are realizing that if they move to the suburbs they will get more room for little more than the high rents they pay. They realize that they will have a better school system so they will not have to pay for tution for a private school and actually get tax advantages for buying their own home instead of throwing money away on rent.
Is summary 2017 in my opnioin will be better than 2016 due to the economy improving in the Houston area and the confidence which that brings. The millenials are getting onbaord and people want to move before the interest rates really increase.